In a disclosure to the stock exchange, the power firm said it will redeem all of its outstanding 5.25-year fixed-rate retail bonds issued on October 25, 2018, with an aggregate principal amount of P7.7 billion.
“Through the optional redemption, Aboitiz Power will prepay its 2018 Series B Bonds at an optional redemption price of 100.25 percent of their face value on October 25, 2022,” it said.
AboitizPower said it is coordinating with the trustee BDO Unibank, Inc. Trust and Investment Group, and the registrar and paying agent Philippine Depository and Trust Corp. (PDTC) to notify the bondholders and provide computation on the amount.
Meanwhile, a subsidiary of AboitizPower has been recognized by the Department of Energy (DOE) as a compliant participant of the Retail Competition and Open Access (RCOA) scheme.
Hedcor Group said that this recognition covers 18 Hedcor facilities across the country, including FLS, Labay, Lon-oy, Ampohaw, Bineng 3, Irisan 3, and Sal-angan hydros in Luzon, as well as the Manolo Fortich, Talomo, Sibulan, and Tudaya hydros in Mindanao.
Hedcor is a generating renewable energy from run-of-river hydropower systems.
“Hedcor has been generating power from renewable energy sources for more than 40 years. We are determined to provide the country with a reliable, sustainable, and reasonably-priced supply of renewable energy,” Hedcor Vice President for Operations and Maintenance Leo Lungay said.
RCOA is a government mechanism established by the Electric Power Industry Reform Act of 2001 (EPIRA) that allows energy consumers with an average monthly consumption of 1 MW to look for their own retail electricity suppliers (RES) and customize their supply contracts according to dispatch, technology, or power plant. Customers can access clean electricity produced by Hedcor since they have qualified for the RCOA scheme.
“We are in the business of producing clean, zero-emissions electricity through run-of-river hydroelectric facilities that harvest the energy from flowing rivers. Hence, we are upscaling our operations and processes to ensure dependable power for our customers, and in support of DOE’s Open Access,” Lungay said.
AboitizPower will expand its Cleanergy portfolio in the next 10 years, in support of the government’s efforts to promote renewable energy in the country. It will build an additional 3,700 MW of renewable energy, growing its existing Cleanergy capacity threefold by 2030.
